SEC charges Tesla’s Elon Musk with securities fraud

Elon Musk

Tesla CEO Elon Musk speaks to shareholders in June. (Tesla via YouTube)

Update: Elon Musk and Tesla settle with SEC.

The Securities and Exchange Commission has charged Tesla’s billionaire CEO and chairman, Elon Musk, with securities fraud over a series of controversial tweets focusing on the electric-car company’s future financial status.

If the SEC is fully successful in arguing its claims, Musk could be barred from serving as an officer or director of Tesla or any other publicly traded company.

The complaint in federal court focuses on what the SEC calls “false and misleading tweets” about a potential transaction to buy up Tesla’s publicly traded shares at a premium price of $420 and take the company private.

“Funding secured,” Musk said in Aug. 7’s most controversial tweet.

Get the full story on GeekWire.

About Alan Boyle

Award-winning science writer, creator of Cosmic Log, author of "The Case for Pluto: How a Little Planet Made a Big Difference," president of the Council for the Advancement of Science Writing. Check out "About Alan Boyle" for more fun facts.
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